Hermosillo ( Latin American Spanish: [eɾmoˈsiʝo] ), formerly called Pitic (as in Santísima Trinidad del Pitic and Presidio del Pitic ), is a city in the center of the northwestern Mexican state of Sonora . It is the municipal seat of the Hermosillo municipality , the state's capital and largest city, as well as the primary economic center for the state and the region. As of 2020, the city has a population of 936,263, making it the 18th largest city in Mexico. The recent increase in the city's population is due to expanded industrialization, especially within the automotive industry.
136-811: Hermosillo was ranked as one of the five best cities to live in, in Mexico, as published in the study "The Most Livable Cities of Mexico 2013" by the Strategic Communications Cabinet of the Mexican Federal Government. Hermosillo was also ranked in 2016 as the seventh most competitive city in the country according to the Mexican Institute for Competitiveness (IMCO), based on factors such as its economic diversification, geographical location, access to education, government, innovation and international relations. The major manufacturing sector has been
272-547: A "vote of confidence" because of the pro-business climate being fostered in part by President-elect Donald Trump , Ford had canceled plans to invest $ 1.6 billion in a new plant in Mexico to manufacture the Ford Focus ; instead, the company would invest $ 700 million in Michigan , which it planned to use to create 700 new jobs. The Focus would now be manufactured in the existing plant in Mexico. Also in 2017, Ford began development of
408-503: A $ 2.7 billion profit in fiscal year 2009, the company's first full-year profit in four years. In 2012, Ford's corporate bonds were upgraded from junk to investment grade again, citing sustainable, lasting improvements. On October 29, 2012, Ford announced the sale of its climate control components business, its last remaining automotive components operation, to Detroit Thermal Systems LLC for an undisclosed price. On November 1, 2012, Ford announced that CEO Alan Mulally would stay with
544-663: A 32% stake in China's Jiangling Motors . The Henry Ford Company was Henry Ford's first attempt at a car manufacturing company and was established on November 3, 1901. This became the Cadillac Motor Company on August 22, 1902, after Ford left with the rights to his name. In 1903, the Ford Motor Company was launched in a converted factory, with $ 28,000, equivalent to $ 950,000 in 2023, in cash from twelve investors, most notably John and Horace Dodge , who later founded
680-506: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way
816-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from
952-515: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if
1088-637: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of
1224-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in
1360-402: A decade the company led the world in the expansion and refinement of the assembly line concept, and Ford soon brought much of the part production in-house, via vertical integration . Henry Ford was 39 years old when he founded the Ford Motor Company, which became one of the world's largest and most profitable companies. It has been in continuous family control for over 100 years, and is one of
1496-893: A driver that killed two men while using BlueCruise. In November 2024, Ford announced that it would cut 800 jobs in the UK and 2,900 in Germany to try and reduce costs. The key trends for the Ford Motor Company are (as of the financial year ending December 31): Members of the Ford board as of March 2023 are: William Clay Ford Jr. (executive chairman), Jim Farley (president and CEO), Kimberly Casiano , Alexandra Ford English (daughter of William Clay Ford Jr.), Henry Ford III (son of Edsel Ford II ), William W. Helman IV, Jon Huntsman Jr. , William E. Kennard , John C. May, Beth E. Mooney , John L. Thornton , John Veihmeyer , Lynn Vojvodich Radakovich, and John S. Weinberg. Jim Farley succeeded Jim Hackett as
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#17328476167921632-443: A local sightseeing attraction here. According to the results of INEGI , Hermosillo is Mexico's 16th largest city, with 812,229 people. Other important communities in the municipality include Miguel Alemán (30,869), Bahía Kino (6,050), San Pedro el Saucito (2,938), El Tazajal (2,062), La Victoria (1,966), Zamora (1,049), and Mesa Del Seri (908). The recent city population spur is due to its recent strong industrialization, especially in
1768-474: A new mixed-use urban campus in the Corktown neighborhood of Detroit , with its purchase, renovation, and occupation of The Factory at Michigan and Rosa Parks. The new site was expected to have a major focus on the development of autonomous vehicle and electric vehicle technology. Ford later began buying up other parcels of land in Corktown including a very high-profile purchase of Michigan Central Station which
1904-443: A plan to return the company to profitability. Fields previewed the plan, named The Way Forward , at the board meeting of the company on December 7, 2005, and it was unveiled to the public on January 23, 2006. "The Way Forward" included resizing the company to match market realities, dropping some unprofitable and inefficient models, consolidating production lines, closing 14 factories and cutting 30,000 jobs. Ford moved to introduce
2040-498: A range of new vehicles, including " Crossover SUVs " built on unibody car platforms, rather than more body-on-frame chassis. In developing the hybrid electric powertrain technologies for the Ford Escape Hybrid SUV, the company licensed similar Toyota hybrid technologies in order to avoid patent infringements. Ford announced that it would team up with electricity supply company Southern California Edison (SCE) to examine
2176-422: A recreational park named La Sauceda. In 2009, Standard & Poor's rated the municipality of Hermosillo as (mxA/Estable/-) based on its administrative practices, financial flexibility and limited financial risks. Financial management of the municipality has been prudent, with adequate documentation of practices. Debt levels have also been prudent at about 33% of gross income, which might decline in 2010. However,
2312-440: A result of high U.S. health care costs for an aging workforce , soaring gasoline prices, eroding market share, and an overdependence on declining SUV sales. Profit margins decreased on large vehicles due to increased "incentives" (in the form of rebates or low-interest financing) to offset declining demand. In the latter half of 2005, Chairman Bill Ford asked newly appointed Ford Americas Division President Mark Fields to develop
2448-487: A self-driving car startup. In May 2017, Ford announced cuts to its global workforce amid efforts to address the company's declining share price and to improve profits. The company is targeting $ 3 billion in cost reduction and a nearly 10% reduction in the salaried workforce in Asia and North America to enhance earnings in 2018. Jim Hackett was announced to replace Mark Fields as CEO of Ford Motor. Mr. Hackett most recently oversaw
2584-456: A standard deep-dish steering wheel, optional front, and, for the first time in a car, rear seatbelts, and an optional padded dash. Ford introduced child-proof door locks into its products in 1957, and, in the same year, offered the first retractable hardtop on a mass-produced six-seater car. In late 1955, Ford established the Continental division as a separate luxury car division. This division
2720-491: A ten-year building project. The result would see the number of Ford employees working in these areas doubling, to 24,000. During construction, some 2000 of the employees were relocated out of the campus to a temporary location in a disused section of the local shopping mall. Facilities would also be altered to allow ride-sharing and electric and self-driving vehicles. Estimates of the construction cost were $ 1.2 billion. On January 3, 2017, Ford CEO Mark Fields announced that in
2856-413: Is 129 km/h (80 mph). BlueCruise uses sensors and cameras to regulate the car's speed and to keep track of speed limits and road signs. It also monitors and keeps a safe distance from other vehicles. It also comes equipped with an eye-tracking system. If the driver stops looking at the road then the car will gradually reduce its speed. This technology will initially be offered in Ford's 2023 model of
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#17328476167922992-700: Is 49.5 °C (121.1 °F), which was achieved in June 2014. In recent years, the lowest temperature was −4 °C (24.8 °F), in December. Most of the regional flora consists of mesquite trees, with an added mixture of blue agave , desert ironwood , palo verde and the huisache . Native fauna includes the desert tortoise , several species of rattlesnake and kingsnake , mule deer (locally called ‘coues’ deer), collared peccary , ringtail , ocelot , puma , desert bighorn sheep , opossum , raccoon , coyote , and bobcat . Black bear may be observed on occasion, on
3128-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by
3264-530: Is a driver safety program aimed at teens that were developed together with the Governors Highway Safety Association and safety experts. The Ford Volunteer Corps allows Ford employees and retirees to sign up for volunteering work on local projects in more than 40 countries. The organization invests $ 18 million annually in education in the United States and around the world, but accepts applications only from nonprofit organizations registered in
3400-460: Is also home to the Soles de Sonora of Major Arena Soccer League . In 2010, Hermosillo hosted the first Pan American Youth Championship boys' field hockey tournament. Gross domestic product Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP
3536-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring
3672-558: Is available for almost every country in the world, allowing inter-country comparisons. It is measured consistently in that the technical definition of GDP is relatively consistent among countries. GDP does not include several factors that influence the standard of living. In particular, it fails to account for: Ford Motor Company Ford Motor Company (commonly known as Ford ) is an American multinational automobile manufacturer headquartered in Dearborn, Michigan , United States. It
3808-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by
3944-471: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much
4080-469: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities
4216-618: Is famous. On September 5, 1828, by decree no. 77 of the H. Legislature of the State of the West, the name Villa del Pitic was deleted and the name of the City of Hermosillo was imposed, in honor of the general jalisciense José María González de Hermosillo who in the late 1810s had carried the task of the national insurrection to lands Sinaloenses , then part of the Western State as well. On March 12, 1831,
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4352-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors
4488-611: Is not an option". Ford and the United Auto Workers , representing approximately 46,000 hourly workers in North America, agreed to a historic contract settlement in November 2007 giving the company a substantial break in terms of its ongoing retiree health care costs and other economic issues. The agreement included the establishment of a company-funded, independently run Voluntary Employee Beneficiary Association (VEBA) trust to shift
4624-551: Is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as
4760-469: Is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund . The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in
4896-507: Is planned to become the hub of their Corktown campus, and the adjacent Roosevelt Warehouse . Ford expects to move 2,500 of its employees, roughly 5 percent of its southeast Michigan workforce, to the campus with space for an additional 2,500 entrepreneurs, technology companies and partners. Bill Ford envisioned the first-floor concourse of the train station to be a public gathering place with retail outlets and restaurants. In February 2017, Ford Motor Co. acquired majority ownership of Argo AI ,
5032-601: Is practiced along the coast with shrimp being the most important catch. Industry and manufacturing has been the most dynamic sector of the economy. Much of this began in the 1980s with the establishment of the automobile industry, specifically the Hermosillo Stamping & Assembly plant owned and operated by Ford Motor Company . Electronics and IT are the largest employers by both revenue and number of employees. Today, there are twenty-six major manufacturers, which generate about 68,300 jobs, employing about thirty percent of
5168-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within
5304-461: Is the second-largest U.S.-based automaker, behind General Motors , and the sixth-largest in the world , behind Toyota , Volkswagen Group , Hyundai Motor Group , Stellantis , and General Motors, based on 2022 vehicle production. At the end of 2010, Ford was the fifth-largest automaker in Europe. The company went public in 1956 but the Ford family, through special Class B shares , retain 40 percent of
5440-450: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP
5576-477: Is to be rebranded as Ford Pro, to focus on vehicle distribution and service. In August 2022, Ford announced it planned layoffs of roughly 3,000 employees and contract workers, confirming earlier reporting. The cuts would mostly affect divisions in the US, Canada, and India, which Jim Farley said would allow the company to prepare for the future of electric, software-heavy vehicles. In February 2023, Ford announced that it
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5712-642: The Circuito de Baloncesto de la Costa del Pacífico (CIBACOPA) and play their home games at the Gimnasio del Estado. They have won three league titles (2012, 2013, 2019 ). Since 2013, the city has been home to Cimarrones de Sonora FC, an association football club who currently play in the Liga de Expansión MX , the second-tier of the Mexican football league system . Home matches are played at Estadio Héroe de Nacozari . The city
5848-673: The Dodge Brothers Motor Vehicle Company . The first president was not Ford, but local banker John S. Gray , who was chosen in order to assuage investors' fears that Ford would leave the new company the way he had left its predecessor. During its early years, the company produced just a few cars a day at its factory on Mack Avenue and later at its factory on Piquette Avenue in Detroit , Michigan . Groups of two or three men worked on each car, assembling it from parts made mostly by supplier companies contracting for Ford. Within
5984-525: The Ford Foundation ), based in Dearborn, Michigan, is the philanthropic arm of the Ford Motor Company. Established in 1949 by Henry Ford II , the organization is a nonprofit corporate foundation financed by contributions from Ford Motor Company. In 2017, it contributed $ 63 million to various causes with a focus on education, driving safely and community building. The Ford Driving Skills for Life program
6120-718: The Ford Transit and later the Ford Escort and the Ford Capri became common to both companies. In 1970, the Ford Taunus and the Ford Cortina came into production with a common base construction, both models being produced in left hand drive and right hand drive . Later on, the models became identical and the respective models right- and left-hand-drive exclusively. Rationalisation of model ranges meant that production of many models in
6256-598: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP
6392-677: The Noals . At the beginning of the 20th century, Hermosillo had about 14,000 inhabitants. During the Mexican Revolution , forces loyal to Francisco 'Pancho' Villa were expelled from the city by General Manuel M. Diéguez. After the assassination of Francisco I. Madero in 1913, Venustiano Carranza , then governor of Coahuila sought refuge in Hermosillo. Here Carranza began the Constitutionalist Movement ; because of this, Hermosillo has
6528-560: The Transit van continued at the company's Southampton facility until mid-2013, engines at Bridgend and Dagenham , and transmissions at Halewood . Development of European Ford is broadly split between Dunton in Essex (powertrain, Fiesta/Ka, and commercial vehicles) and Cologne (body, chassis, electrical, Focus, Mondeo) in Germany. Ford also produced the Thames range of commercial vehicles, although
6664-410: The cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP
6800-812: The industrialization of that country and consequently the Soviet war effort during World War II . To that end, in 1944, Stalin wrote a letter to the U.S. Chamber of Commerce stating that Henry Ford was "one of the world's greatest industrialists". During World War II, the United States Department of War picked Ford to mass-produce the Consolidated B-24 Liberator bomber at its Willow Run assembly plant. Ford Werke and Ford SAF , Ford's subsidiaries in Germany and France, respectively, produced military vehicles and other equipment for Nazi Germany 's war effort . Some of Ford's operations in Germany at
6936-656: The 1700s, when the mission villages of Our Lady of The Populace, Our Lady of Angels, and the Holy Trinity of Pitic were founded. They collected members of the Yaqui , Seri , Tepoca, and Pima Bajo peoples. Years earlier, internal difficulties had occurred between the Tepoca and the Bajo Pima peoples. The Spanish wanted to bring them into the mission villages to have more control over their work. The villages and city were intended to contain
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#17328476167927072-644: The 1970s, manufactures the Transit Connect compact panel van as well as the "Jumbo" and long-wheelbase versions of the full-size Transit. This new production facility was set up near Kocaeli in 2002, and its opening marked the end of Transit assembly in Genk. Another joint venture plant near Setúbal in Portugal, set up in collaboration with Volkswagen , formerly assembled the Galaxy people-carrier as well as its sister ships,
7208-622: The Constitutionalist Movement. As a result, Hermosillo is nicknamed the "revolutionary capital of the country." From the late 19th century, until around 1920, Chinese immigrants entered the state of Sonora as laborers. A significant number settled in the city of Hermosillo. Some of these immigrants established businesses, especially shoe manufacturing and clothing. Some of the most successful Chinese-owned businesses in Sonora were based in Hermosillo, and sold their merchandise to other parts of
7344-528: The Detroit United Auto Workers union announced that after discussion with the leaders of General Motors , Ford, and Fiat Chrysler Automobiles , the carmakers would partially shut down factories on a "rotating" basis to mitigate the COVID-19 pandemic . On March 24, representatives of Ford announced that production in the US, Canada, and Mexico would not resume on March 30 as originally planned, amid
7480-574: The Ford Fund announced its official name has changed to Ford Philanthropy. Ford has had manufacturing operations worldwide, including in the United States, Canada, Mexico, China, India, the United Kingdom, Germany, Turkey, Brazil, Argentina, Australia, and South Africa. Ford also helped the Soviet Union to construct Russian automaker GAZ . In May 2010, Ford reported that its sales increased 23% for
7616-709: The Mercury in 1939 as a higher-priced companion car to Ford. Henry Ford purchased the Lincoln Motor Company in 1922, in order to compete with such brands as Cadillac and Packard for the luxury segment of the automobile market. In 1929, Ford was contracted by the government of the Soviet Union to set up the Gorky Automobile Plant in Russia initially producing Ford Model A and AAs, thereby playing an important role in
7752-577: The Models A , B, C, F, K, N, R, and S. Hundreds or a few thousand of most of these were sold per year. In 1908, Ford introduced the mass-produced Model T , which totaled millions sold over nearly 20 years. In 1927, Ford replaced the T with the Model A , the first car with safety glass in the windshield. Ford launched the first low-priced car with a V8 engine in 1932. In an attempt to compete with General Motors' mid-priced Pontiac, Oldsmobile, and Buick, Ford created
7888-577: The Mustang, due to declining demand and profitability. The Focus Active, a crossover SUV based on the newly unveiled fourth-generation Focus, was also intended to be marketed in the United States. Due to the vehicle being manufactured in China, Ford later announced that it would not release the Focus Active in the United States, due to tariffs imposed by the Trump administration on Chinese exports . In March 2020,
8024-526: The Second Mexican Empire of Maximilian of Habsburg , republican troops commanded by the general Ángel Martínez [ es ] attacked and seized the city, which was being defended by the Second Mexican Empire under Colonel María Tranquilino Almada. However, a few hours later, it fell back into the hands of the forces of the Second Empire. On November 13, 1866, General Martinez again took
8160-741: The Seri and Tepoca Indians, to protect the Hispanic expansion. It was called the Real Presidio de San Pedro de la Conquista , named after Viceroy Don Pedro de Castro y Figueroa, Duke of the Conquest and Marquis of Grace. The explorer in charge of the foundation of the peoples was Juan Bautista de Escalante [ es ] , who pacified tensions. On May 18, 1700, he gave a speech that was documented, in part: "Sending them to have no wars from now on, but to live as Christians and to deal with each other with fairs of
8296-461: The State of Sonora was founded and Hermosillo was its first capital from 14 May of that year to May 25, 1832, when the capital powers were transferred to the city of Arizpe . In 1837, the city was erected at the head of the district of its name. On the same date, Don Pascual Iñigo began the construction of the Chapel of Our Lady of Carmen. On October 14, 1852, in the city, a section of filibusters under
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#17328476167928432-473: The U.S. Education programs and scholarships include Alan Mulally Engineering Scholarship, Ford Blue Oval Scholars Program, Ford College Community Challenge (Ford C3), Ford Driving Dreams Tour, Ford Fund/Detroit Free Press Journalism Scholarship, Ford Next Generation Learning (Ford NGL), Grants to Individuals Program, HBCU Community Challenge, Smithsonian Latino Center Young Ambassadors Program, and William Clay Ford Automotive Design Scholarship. On April 29, 2024,
8568-540: The UK switched to elsewhere in Europe, including Belgium and Spain as well as Germany. The Ford Sierra replaced the Taunus and Cortina in 1982, drawing criticism for its radical aerodynamic styling, which was soon given nicknames, the "Jellymould" and "The Salesman's Spaceship". In February 2002, Ford ended car production in the UK. It was the first time in 90 years that Ford cars had not been made in Britain, although production of
8704-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,
8840-449: The area by bringing in mining equipment and modern agricultural equipment. Since then, the city has been an economic center for northwest Mexico. During the Mexican Revolution , beginning in 1910, forces loyal to Pancho Villa were expelled from the city by General Manuel M. Diéguez. After the assassination of Francisco I. Madero in 1913, Venustiano Carranza , then governor of Coahuila , sought refuge in Hermosillo. Here, Carranza began
8976-446: The area has been inhabited by humans for about 3,000 years. Evidence of agriculture dates back 2,500 years. In the pre-Hispanic era, this area was inhabited by the historic Seri , Tepoca, and Pima peoples. The first encounter between the Spanish and the indigenous peoples of the area occurred in the middle of the 16th century, when European explorers came in search of gold. The Spanish explorers were followed by Jesuit missionaries in
9112-412: The automobile industry because of the global economic downturn that began in 2008. Commerce employs more than half of the population; besides small local businesses, chains are well represented; these are locally, regionally (Northwest Mexico), nationally, and U.S.-based. Tourism is mostly limited to the coastal communities of Bahia de Kino, Kino Nuevo and Punta Chueca , where there are cave paintings and
9248-522: The automotive industry and its providers. Most of the municipality's population lives in the city proper, with most jobs located in the manufacturing and commerce sectors here. About 250,000 hectares are under cultivation in the city's outskirts, most of which is near the coast. Crops include wheat, grapes, flowers, chickpeas , alfalfa and walnuts . Livestock has been traditionally important here, especially beef cattle. Pigs, sheep, goats, horses, domestic fowl and bees are also raised here as well. Fishing
9384-482: The building; firefighters and the population had to make holes in the walls to rescue the children, ranging from six months to five years. The fire caused a stir both nationally and internationally. As a result of these events, on June 3, 2010, a decree was published in the Official Journal of the Federation declaring June 5 a Day of national mourning. The National Flag is flown at half-mast on June 5 of each year. Parents of victims and citizen organizations annually remind
9520-440: The burden of retiree health care from the company's books, thereby improving its balance sheet. This arrangement took effect on January 1, 2010. As a sign of its currently strong cash position, Ford contributed its entire current liability (estimated at US$ 5.5 billion as of December 31, 2009) to the VEBA in cash, and also pre-paid US$ 500 million of its future liabilities to the fund. The agreement also gave hourly workers
9656-440: The chief executive officer of the company in August 2020; he previously served as Ford's chief operating officer. Hackett stayed in the company as an advisor until the second quarter of 2021. Ford is mainly owned by institutional investors, who own around 60% of shares. The largest shareholders in December 2023 were: The Ford Philanthropy, formerly known as the Ford Motor Company Fund (also known as Ford Fund, not affiliated with
9792-419: The city in blood and fire, causing the imperialists to flee; but they returned and regained it eight days later. In 1879 Hermosillo was once again the headquarters of state powers, thanks to the management of the acting governor Don Francisco Serna, at least on an interim date. However, when the new Political Constitution of the State of Sonora was issued on September 15, 1917, it was definitively confirmed that
9928-593: The city of Hermosillo is the headquarters of the state powers, as referred to in article 28 thereof. On November 4 in front of the wooden station of Sonora , dozens of people gathered at the opening of the Guaymas-Hermosillo railway section. On the train came Don Carlos Rodrigo Ortiz Retes, accompanied by the commander of the Military Zone, brigadier Colonel José Guillermo Carbó. Months later, both cargo and passenger service would be established between Guaymas and
10064-457: The clothes of their use and seeds of their plantings, to which they responded from one and the other, which they would do thank ingsands thank ing best for the good that they made peace of way." In 1718, on the orders of Governor Manuel de San Juan y Santa Cruz, the town of the Holy Trinity of Pitic was repopulated; on September 29, 1725, the Seri settled in the Pópulo rose in the son of war and invaded
10200-564: The colonists and repeatedly drove them out in the early 18th century. In 1716, the Spanish offered irrigated lands for farmers to the native peoples, who agreed to abide by Spanish law. Around 1726, a fort named the Presidio of Pitic was constructed to stop the domination of this area by the natives, especially the Seri . However, the situation remained contentious. The first church was not built until 1787, and
10336-598: The command of Gastón de Raousset-Boulbon faced and defeated the national forces, who were under the leadership of General Miguel Blanco de Estrada; this was part of a revolutionary campaign of independence that was intended however to turn Sonora and Lower California into colonial territories of France. However, Raousset remained only a few days in the city, choosing to go to Guaymas to continue his campaign where he would eventually be defeated by General José María Yáñez Carrillo in Battle of Guaymas in 1854. On May 4, 1866, under
10472-472: The company until 2014. Ford also named Mark Fields, its president of operations in the Americas, as its new chief operating officer Mulally was paid a compensation of over $ 174 million in his previous seven years at Ford since 2006. The generous amount has been a sore point for some workers of the company. In April 2016, Ford announced a plan to modernize its Dearborn engineering and headquarters campuses through
10608-400: The company; at the beginning the vaccination program would be in southeast Michigan, Missouri and Ohio, but it was to be expanded later on to other locations. In March 2022, Ford announced that it would restructure the company into three separate divisions. Ford Model E is to focus on electric vehicles; Ford Blue is to focus on internal combustion vehicles; and the existing commercial division
10744-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In
10880-642: The cost of credit default swaps to insure the debt of Ford was 68 percent of the sum insured for five years, in addition to annual payments of 5 percent. That meant $ 6.8 million paid upfront to insure $ 10 million in debt, in addition to payments of $ 500,000 per year. In January 2009, Ford reported a $ 14.6 billion loss in the preceding year, a record for the company. The company retained sufficient liquidity to fund its operations. Through April 2009, Ford's strategy of debt-for-equity exchanges erased $ 9.9 billion in liabilities (28% of its total) in order to leverage its cash position. These actions yielded Ford
11016-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP
11152-577: The country. But by the 1920s, anti-Chinese sentiment had become strong in Sonora state, and many Chinese left for Mexico City or the United States. In the 1980s, Ford Motor Company built a plant. This strongly influenced the city and state economy. Hermosillo was the site of a tragic fire, at the ABC Child Care Center, on June 5, 2009. According to the Procuraduría General de Justicia en el Estado (State Attorney General Office) de Sonora,
11288-496: The country. However, in the 1920s, sentiment against the Chinese population in Sonora grew, resulting in many fleeing to Mexico City or the United States. In the 1980s, Ford built Hermosillo Stamping & Assembly in the city, which had a major impact on the city's economy and that of the state. A whole chain of suppliers was also developed around the assembly plant, which further contributed to economic growth in Hermosillo. Hermosillo
11424-455: The electric Mustang Mach-E SUV. According to Thatcham Research, an automotive research company, this model is not a self-driving car. It is classified as a level 2 or partial automation assistance system. This means that technology controls two or more driving aspects but still requires human driver control in cases of emergencies. The driver is still legally responsible for accidents. In August 2024 Pennsylvania State Police filed charges against
11560-446: The fire resulted in 49 deaths at the center; nearly half of them were children. The fire is believed to have started at an adjacent automobile shop, before spreading to the child care center. Most of the children died of asphyxiation. There were about a hundred children inside the building. Firefighters had to smash holes in the walls to rescue the children, who ranged in age from six months to five years. The origin of Hermosillo dates to
11696-510: The first formal parish was not established until 1822. During the Mexican War of Independence , Sonora and the town of Pitic stayed loyal to the Spanish Crown . Local general Alejo García Conde defeated insurgent José María González Hermosillo, who had been sent by Miguel Hidalgo y Costilla . Following independence from Spain, in 1825 the village of Pitic was made the seat of the department of
11832-471: The formation of Ford Smart Mobility, a unit responsible for experimenting with car-sharing programs, self-driving ventures and other programs aimed at helping Ford better compete with Uber , Alphabet Inc. and other tech giants looking to edge in on the auto industry. On April 25, 2018, Ford announced that it would discontinue passenger cars in the North American market in the next four years, except for
11968-447: The fringes of settled areas. In August 2022, the once-common jaguar was finally witnessed in the Hermosillo area. Locals nicknamed the lone male “El Jefe”, meaning “boss”. The critically endangered Sonoran pronghorn antelope was once common in the area; less than 200 are thought to exist today, with an additional -200 (declining) surviving in the U.S. state of Arizona . Populations of feral red-masked parakeets and monk parakeets are
12104-436: The further coronavirus pandemic spread. In the first quarter of 2020, Ford's sales dropped by 15%, entailing the loss of $ 2 billion. With the change in the demand for the sport vehicles, on January 6, 2021, Ford reported a sales fall of 9.8% in the fourth quarter, selling 542,749 vehicles, compared to 601,862 in 2019. In April 2021, Ford said that it would provide COVID-19 vaccines for its employees, who were to obtain them at
12240-551: The future of plug-in hybrids in terms of how home and vehicle energy systems will work with the electrical grid. Under the multimillion-dollar, multi-year project, Ford is to convert a demonstration fleet of Ford Escape Hybrids into plug-in hybrids, and SCE is to evaluate how the vehicles might interact with the home and the utility's electrical grid. Some of the vehicles are to be evaluated "in typical customer settings", according to Ford. William Clay Ford Jr. , great-grandson of Henry Ford (and better known by his nickname "Bill"),
12376-434: The gains, the company finished the year with a $ 2.7 billion loss, largely attributed to finance restructuring at Volvo . On June 2, 2008, Ford sold its Jaguar and Land Rover operations to Tata Motors for $ 2.3 billion. During congressional hearings held in November 2008 at Washington D.C., Ford's Alan Mulally stated that "We at Ford are hopeful that we have enough liquidity. But we also must prepare ourselves for
12512-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income
12648-488: The industry. Mulally stated that "In addition to our plan, we are also here today to request support for the industry. In the near-term, Ford does not require access to a government bridge loan. However, we request a credit line of $ 9 billion as a critical backstop or safeguard against worsening conditions as we drive transformational change in our company". GM and Chrysler received government loans and financing through T.A.R.P. legislation funding provisions. On December 19,
12784-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by
12920-696: The infrastructure of the city, especially its water supply. Decades of overpumping of ground water have led to the aquifer levels being lower than sea levels, and sea water creeping in as an "artificial recharge." Under the Köppen climate classification , Hermosillo features a borderline hot arid ( BWh )/ hot semi-arid ( BSh ) climate. Temperatures can range from as low as freezing in December and January to 48 °C (118.4 °F) in June and July. Rain falls mostly between July and September, with annual precipitation between 75 and 400 millimetres (3.0 and 15.7 in). Hermosillo's all-time weather record for high temperature
13056-400: The job security they were seeking by having the company commit to substantial investments in most of its factories. The automaker reported the largest annual loss in company history in 2006 of $ 12.7 billion, and estimated that it would not return to profitability until 2009. However, Ford surprised Wall Street in the second quarter of 2007 by posting a $ 750 million profit. Despite
13192-574: The largest family-controlled companies in the world. The first gasoline-powered automobile was created in 1885 by the German inventor Karl Benz , with his Benz Patent-Motorwagen . More efficient production methods were needed to make automobiles affordable for middle class people. To which Ford contributed by, for instance, introducing the first moving assembly line in 1913 at the Ford factory in Highland Park . Between 1903 and 1908, Ford produced
13328-582: The mayor Pedro de Corbalán ordered the construction of a canal on the left bank of the Rio Sonora , to irrigate the lands and orchards. Pitic's Villa .A. Before the end of the eighteenth century the former Presidio of San Pedro de la Conquista del Pitic became Villa del Pitic. On February 9, 1825, the Villa del Pitic was established as the head of the party, dependent on the Department of Horcasitas. This coincided with
13464-541: The mid-to-late 1990s, Ford continued to sell large numbers of vehicles, in a booming American economy with a soaring stock market and low fuel prices. With the dawn of the new century, legacy health care costs , higher fuel prices, and a faltering economy led to falling market shares, declining sales, and diminished profit margins. Most of the corporate profits came from financing consumer automobile loans through Ford Motor Credit Company . By 2005, both Ford and GM 's corporate bonds had been downgraded to junk status as
13600-490: The month, and that 37% of its sales came from fleet sales. In June 2010, sales to individual customers at dealerships increased 13% while fleet sales rose by 32%. In the first seven months of 2010, fleet sales of Ford for the same period rose 35% to 386,000 units while retail sales increase 19%. Fleet sales account for 39 percent of Chrysler's sales and 31 percent for GM's. At first, Ford in Germany and Ford in Britain built different models from one another until 1965, when
13736-577: The most transparent cities in the world. Investment grew in the early decade thanks to the ease of doing business. One of the most important events in Hermosillo was the ABC Nursery Fire on June 5, 2009. According to the Attorney General's Office of the State of Sonora, there were 49 deaths in the fire. The fire apparently began in a warehouse, then expanded to the daycare. Most of the children died of asphyxiation. There were about 100 children inside
13872-669: The municipal seat, the city of Hermosillo is the local government of over 3,800 other localities, with a combined territory of 14,880.2 square kilometres (5,745.3 sq mi). The two most important rivers are the Sonora and the San Miguel . Both of these are used for irrigation purposes with the Abelardo L. Rodriguez Dam located on the San Miguel River. The population increase of the municipality , currently at 2.5% annually, puts pressure on
14008-622: The municipality has limited liquid capital. The city has a professional baseball team called Naranjeros de Hermosillo (Orange Growers) that plays in the Estadio Sonora . Baseball has been popular in Hermosillo since the late 19th century. The club had its beginnings in the 1950s, when the Liga Invernal de Sonora (Sonora Winter League) was founded as a complement to the already existing Liga de la Costa del Pacífico (Pacific Coast League). The Naranjeros were officially organized in 1958. Since then,
14144-546: The nation by releasing pink and blue balloons on behalf of the nursery children who died. Changes were made in the General Law on Provision of Services for Child Care, Care and Integral Child Development, a legal framework that regulates the operation of nurseries at the national level, to ensure the tragedy would not be repeated. The changed standard was published in the [Official Journal of the Federation], on October 27, 2011. As
14280-488: The nickname " the revolutionary capital of the country'". In the late 19th century and the first two decades of the 20th century, Chinese immigrants arrived in Sonora. One of the settlements with a significant number was the city of Hermosillo. Some of these immigrants had money and used it to set up businesses, especially shoe and clothing manufacturing. Some of the most successful businesses with Chinese owners in Sonora were in Hermosillo and sold merchandise to other parts of
14416-464: The past two years and will lose a similar amount in 2023 as the company looks to significantly invest in Electric Technology. The Ford Model E is expected to be profitable by 2026. In April 2023, United Kingdom ministers approved Ford's BlueCruise technology. Because of this assisted driving technology, Ford drivers can now legally take their hands off the wheel on certain roads. Its top speed
14552-587: The people of Opodepe. The Seri were persecuted for the purpose of punishing them until they signed the peace in January 1726, and they were settled in the Porplo and in the points called Alares and Moraga; subsequently given the uncertainty due to the bellicoseness of the indigenous, the Pitic presidio was formed. In June 1741, Don Agustin de Vildósola established the Presidio de San Pedro de la Conquista del Pitic. Nine years later,
14688-460: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from
14824-490: The population. Other than cars, products manufactured here include televisions, computers, food processing, textiles, wood products, printing, cellular phones, chemicals, petroleum products and plastics. Lanix electronics has a major research and design facility and its main manufacturing plant in Hermosillo. The city and its municipality have twelve industrial parks, which house over one hundred smaller manufacturing enterprises. There has been slowing of this sector especially
14960-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to
15096-528: The production of automobiles since the 1980s. It is one of the richest cities in Mexico by GDP per capita . Hermosillo has a subtropical hot desert climate ( BWh ). Temperatures have been as high as 49.5 °C (121.1 °F) in the summer months, making it one of the hottest cities in the country. Evidence from a site called the San Dieguito Complex , located in the El Pinacate Zone, suggests
15232-503: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value
15368-407: The prospect of further deteriorating economic conditions". He went on to state that "The collapse of one of our competitors would have a severe impact on Ford" and that Ford Motor Company supported both Chrysler and General Motors in their search for government bridge loans during the 2008–2010 automotive industry crisis . Together, the three companies presented action plans for the sustainability of
15504-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as
15640-573: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020
15776-540: The retirement of president and chief operations officer Jim Padilla in April 2006, Bill Ford assumed his roles as well. Five months later, in September, Ford named Alan Mulally as president and CEO, with Ford continuing as executive chairman. In December 2006, the company raised its borrowing capacity to about $ 25 billion, placing substantially all corporate assets as collateral. Chairman Bill Ford has stated that "bankruptcy
15912-507: The same name. In 1828, the settlement changed its name to Hermosillo to honor the insurgent leader José María González de Hermosillo. A battle between imperial and republican forces occurred in 1866 during the French Intervention in Mexico . In 1879, the capital of the state of Sonora was moved from Arizpe to Hermosillo. In 1881 the railroad linking Hermosillo with Guaymas and Nogales was finished, allowing for economic expansion in
16048-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of
16184-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference
16320-486: The state of Sonora around 1614. Eusebio Francisco Kino arrived in 1687, founding a mission in nearby Cucurpe . The present-day states of Sonora and Sinaloa were loosely organized as the provinces of Sonora , Ostimuri, and Sinaloa . In 1700, three small Spanish villages were founded in what is now the outskirts of Hermosillo: Nuestra Señora del Pópulo , Nuestra Señora de Los Angeles , and la Santísima Trinidad del Pitic . The native peoples here soon became hostile to
16456-790: The team has won 16 championships in the Pacific Coast League and two championships in the Caribbean Series . Hermosillo hosted the 2013 Caribbean Series in February. In 2021, Hermosillo and Ciudad Obregón co-hosted the 3rd U-23 Baseball World Cup , organized by the World Baseball Softball Confederation . In 2022, Hermosillo hosted the 5th U-15 Baseball World Cup . Founded in 2009, the Rayos de Hermosillo has been Hermosillo's professional basketball club. The Rayos play in
16592-482: The time were run using forced labor . The creation of a scientific laboratory in Dearborn, Michigan, in 1951, doing unfettered basic research, led to Ford's involvement in superconductivity research. In 1964, Ford Research Labs made a key breakthrough with the invention of a superconducting quantum interference device or SQUID . Ford offered the Lifeguard safety package from 1956 , which included such innovations as
16728-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within
16864-467: The troops of the Pupium were transferred to El Pópulo, in the present municipality of San Miguel de Horcasitas . As a result of this action, Pitic was left in a very precarious situation, because numerous residents emigrated for fear of the Seri. While the Presidio's settlement was about to disappear, senior authorities ordered a group of soldiers to remain on site to ensure the safety of the settlers. In 1772,
17000-421: The urbanization that the royal surveyors gave it, as it progressed steadily. In 1827, the city had approximately eight thousand inhabitants, and its urbanization was very particular, as the houses were scattered in all directions. The region was fertile, well-cultivated and provided an abundance of what was necessary for life and even many luxuries. Already then it was very cheap, high-quality beef that to this day
17136-705: The use of this brand name was discontinued with the introduction of the Ford Transit in 1965. Elsewhere in continental Europe, Ford assembles the Mondeo, Galaxy , S-Max and Kuga in Valencia (Spain), Fiesta in Cologne (Germany), Focus in Saarlouis (Germany), Ecosport and Puma in Craiova (Romania). Ford also owns a joint-venture production plant in Turkey. Ford Otosan , established in
17272-668: The voting rights. During the 2008–2010 automotive industry crisis , the company struggled financially but did not have to be rescued by the federal government, unlike the other two major US automakers. Ford Motors has since returned to profitability, and was the eleventh-ranked overall American-based company in the 2018 Fortune 500 list, based on global revenues in 2017 of $ 156.7 billion. In 2023, Ford produced 4.4 million automobiles, and employed about 177,000 employees worldwide. The company operates joint ventures in China ( Changan Ford ), Taiwan ( Ford Lio Ho ), Thailand ( AutoAlliance Thailand ), and Turkey ( Ford Otosan ). Ford owns
17408-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give
17544-683: The world as Fordism . Ford's former UK subsidiaries Jaguar and Land Rover , acquired in 1989 and 2000, respectively, were sold to the Indian automaker Tata Motors in March 2008. Ford owned the Swedish automaker Volvo from 1999 to 2010. In the third quarter of 2010, Ford discontinued the Mercury brand, under which it had marketed upscale cars in the United States, Canada, Mexico, and the Middle East since 1938. Ford
17680-490: Was appointed executive chairman in 1998, and also became chief executive officer of the company in 2001, with the departure of Jacques Nasser , becoming the first member of the Ford family to head the company since the retirement of his uncle, Henry Ford II , in 1982. Ford sold motorsport engineering company Cosworth to Gerald Forsythe and Kevin Kalkhoven in 2004, the start of a decrease in Ford's motorsport involvement. Upon
17816-483: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by
17952-706: Was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln brand. The company is listed on the New York Stock Exchange and is controlled by the Ford family . They have minority ownership but a plurality of the voting power. Ford introduced methods for large-scale manufacturing of cars and large-scale management of an industrial workforce using elaborately engineered manufacturing sequences typified by moving assembly lines . By 1914, these methods were known around
18088-514: Was going to cut 3,800 jobs across Europe, with the job cuts mainly focusing on their German and British workforce. Ford will be cutting 2,300 jobs from Germany, 1,300 from the United Kingdom, and an additional 200 jobs in the rest of Europe, according to the head of Ford Germany, Martin Sander. The cuts will mainly be done to the company's engineers. Ford also announced during the year that their electric vehicle business had lost $ 3 billion before taxes over
18224-552: Was introduced on April 17, 1964, during the 1964 New York World's Fair , where Ford had a pavilion made by The Walt Disney Company . In 1965, Ford introduced the seat belt reminder light. With the 1980s, Ford introduced several highly successful vehicles around the world. During the 1980s, Ford began using the advertising slogan, "Have you driven a Ford, lately?" to introduce new customers to their brand and make their vehicles appear more modern. In 1990 and 1994, respectively, Ford also acquired Jaguar Cars and Aston Martin . During
18360-503: Was responsible for the manufacture and sale of the famous Continental Mark II . At the same time, the Edsel division was created to design and market that car starting with the 1958 model year. Due to limited sales of the Continental and the Edsel disaster, Ford merged Mercury, Edsel, and Lincoln into "M-E-L," which reverted to "Lincoln-Mercury" after Edsel's November 1959 demise. The Ford Mustang
18496-558: Was selected partly due to its proximity to the United States. In 2000, the businessman Pancho Búrquez was elected as municipal president for National Action Party, in that triennium, the municipality won national awards (such as that of the Secretariat of Comptroller ship and Administrative Development of the federal government, as well as of the International City/County Management Association as one of
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